Barrick ends hostile bid for Newmont but gets Nevada joint venture

Barrick Gold Corp. may have withdrawn its pursuit of rival Newmont Mining Corp., but the hostile-takeover bid did yield a big prize: Control over the largest single gold-mining operation in the world.

Barrick today abandoned its $17.8 billion bid for Newmont, with the two largest gold companies instead announcing a joint venture around their Nevada assets, with Barrick holding sway over 61.5 percent of the operation. Barrick Chief Executive Officer Mark Bristow declined to say if control of the venture was his end game all along, but stressed that the final deal offers less “gristle” for investors to chew on than a full merger.

"It's not an easy thing to do, to get past all the different opinions," he said in a telephone interview. "It's a fantastic outcome." ...

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